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Ryan: Obama Will Bring 'European-Like Austerity'

House Budget Committee Chairman Paul Ryan said that if President Obama is reelected in November, Europe’s current economic crisis will be America’s future.

“The president, his budget, the fact the Senate hasn't done a budget in three years, puts us on a path towards European-like austerity,” said Ryan, R-Wis., on NBC’s Meet the Press on Sunday.

He continued: “If the last four years is any indication of the next four years under current management, we'll keep kicking the can. We'll keep making empty promises to voters. And then we'll probably have a debt crisis ... in the next presidency if we stay on this path.”

Ryan offered his own, House-passed budget plan as an alternative, which he said would “preempt” austerity by reducing U.S. debt and reigning in borrowing.

“The whole premise of our budget is to preempt austerity by getting our borrowing under control, having tax reform for economic growth, and preventing Medicare, Social Security and Medicaid from going bankrupt. That preempts austerity,” he said.